I am a single mother living on my own. I always like getting the big return at the end of the year. Will I end up with nothing at the end of the year?
2007-07-21 10:09:36 · 3 answers · asked by rleatherby2003 1 in Business & Finance ➔ Taxes ➔ United States
depends on a lot of things.
only way you can guarantee a big return, is to claim 0.
consult a tax consultant
2007-07-21 10:13:13 · answer #1 · answered by Mike Frisbee 6 · 0⤊ 0⤋
You said you are a single mother, so sounds like you have at least one child. If you can claim that child as a dependent, then you should still get a refund. You don't say what you mean by big, or how much you make, so can't give you an estimated amount, but if you are eligible for EIC it could be a nice amount.
If you've been claiming zero and nothing else like your salary has changed much, claiming two for the entire year would probably decrease your refund by around $700-$1000 - but you'd get that much more in your paychecks - you end up with the same amount overall, it just changes when you get it.
A refund just means that you let the government hold onto some of your money for the year.
2007-07-21 21:10:36 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
If you want the biggest tax refund possible, then claim 0 dependents on your W-4.
You can probably claim 5 exemptions and still get some sort of refund as long as your are claiming your child(ren).
2007-07-21 18:16:27 · answer #3 · answered by Steve 6 · 0⤊ 0⤋